Manhattan Luxury Homes See Robust May

Transactions for high-end homes were on par with similarly strong activity in 2015 and 2016

Manhattan luxury home sales saw a robust May, with 123 contracts signed in the four weeks ending Sunday, according to the latest report by Olshan Realty.

Strong activity was on par with May 2015 and May 2016, according to the weekly report published on Monday. The final full week closed the month on a high note, with 32 contracts signed for homes prices at $4 million or more.

Condos continued to see strong demand last week, while co-ops made up only seven out of the 32 transactions. One townhouse found a buyer last week.

Overall, last week logged nearly $265 million in total sales volume, one of the biggest weeks since the beginning of March.

The most expensive home to go into contract last week was a penthouse asking $28 million at 56 Leonard, a new 60-story development in Tribeca. The buyer agreed to purchase the four-bedroom off of floor plans, according to the Olshan report. It also has four-and-a-half bathrooms, 14- foot ceilings and a 34-foot-wide terrace off the living room.

The second-most expensive unit was a penthouse at the Grand Millennium at 1965 Broadway, asking nearly $23 million—almost half the original asking price of $42 million when it first went on the market in September 2014. The transaction stands as another example of sellers taking their prices down further to meet buyers in a somewhat oversaturated market for ultra luxury homes in Manhattan.

Penthouses reigned last week, as the No. 3 and No. 4 top contracts were also for sky-high penthouse units.